According to AiCoin data, on June 2, 2026, Bitcoin briefly fell to approximately 69993.87 USDT during the trading session, with an intraday drop of about 1.99%, once again breaking below the 70000 mark, which is seen as a "psychological barrier" by bulls. A price correction itself is not uncommon, but this time, a technical pullback coincided with a series of concentrated negative news occurring within the same timeframe: the US spot Bitcoin ETF experienced net outflows for 11 consecutive trading days, with a total net outflow of about 2.4 billion dollars for May, transitioning the funding situation from "only inflows" to a phase of withdrawal; Strategy, long viewed as a symbol of "only buying and never selling," completed its first small-scale Bitcoin sale shortly after the May earnings call, actively breaking the image it had built up for years; the dormant Mt.Gox-related cold wallet suddenly transferred 10423 BTC to a new address, equivalent to about 739 million dollars at the time, and although on-chain data has not shown that this batch of coins has moved to exchanges, the historical burden has once again been resurfaced by the market; meanwhile, Binance announced it would delist seven spot trading pairs, including those priced in BTC, at 03:00 (UTC) on June 5, which was interpreted as another somewhat negative signal from the exchange. Amid the expectations of institutional selling, historical coin movements, and platform adjustments, the core issue for Bitcoin bulls is no longer whether this round of breaking below 70000 is a "technical correction," but rather whether the long-term bullish narrative itself is beginning to show signs of weakening.

ETF experiences 11 consecutive days of net outflows, Wall Street retreats

If exchange delistings are merely a warning at the emotional level, then the data from the US spot Bitcoin ETF is a more direct "vote with feet" from the funding side. According to publicly reported statistics, in May 2026, the US spot Bitcoin ETF overall recorded approximately $2.4 billion in net outflows, marking a phased turnaround from the previous trend of "only inflows." From late May to early June, this trend did not reverse, but instead evolved into 11 consecutive trading days of net outflows, with one trading day experiencing a net outflow of about $483.8 million, and BlackRock's leading product IBIT contributing approximately $440.3 million in net redemptions on that day, with even flagship products starting to feel the pressure.

A few products, such as MSBT, still saw net purchases on relevant trading days, but as the specific amounts were not disclosed, these "counter-trend accumulations" were difficult to change the overall situation in the face of the $2.4 billion level monthly net outflows. The prevailing market interpretation is that, during a high-price phase with multiple uncertainties, Wall Street institutions are shrinking their Bitcoin exposure by continuously redeeming ETFs, quietly shifting some risks off their balance sheets. The 11 consecutive days of net outflows has itself weakened the confidence support in the spot market regarding "institutional long-term support," making this round of breaking below 70000 more like a sentiment retreat triggered by a traditional capital retreat rather than a simple technical fluctuation.

Strategy breaks the "only buy, never sell" myth; bulls test their escape route

After the ETF "reduction," the market's attention quickly turned to another long-held belief puzzle—Strategy. This institution, which has only consistently increased its Bitcoin holdings at both high and low prices over the past few years, has never publicly reported a reduction in holdings, with "only buying and never selling" becoming its most prominent label. After the May earnings call, the management was interpreted as beginning to warm up for "timely selling some BTC," and the market expects it will eventually make a small-scale withdrawal at a high price. Soon after, multiple media outlets reported that Strategy completed its first small-scale Bitcoin sale, and although specific amounts and prices were not disclosed, the symbolic significance was enough to break the old narrative of "never selling."

BIT Official and analyst Markus Thielen both emphasized that this transaction was more like a small-scale test—measuring the market's emotional response to its selling actions while reserving more flexible operational space for asset allocation, rather than a signal of a complete shift to a bearish stance. Public opinions generally believe that Strategy still holds a bullish view on Bitcoin's medium to long-term prospects, but the new reality of "long-term bulls will also find opportunities to sell" is beginning to squeeze the earlier assumption that they would always be the ones taking on the risk. So far, lacking any large-scale reduction plans or timelines, this symbolic sale may have a limited direct impact on price levels but is enough to shake some leveraged bulls' psychological dependence on the belief that "institutions will never make the first move."

Mt.Gox's 10,000 coins stir nerves

Shortly after the imagination of institutions "only buying and never selling" was broken, a long-dormant "volcano" on-chain also began to emit smoke. According to AiCoin data, the Mt.Gox-related cold wallet, which had been silent for about six months, suddenly broke its silence and transferred 10,423 BTC to a new address, worth approximately 739 million dollars at the time. This was a long-awaited large transfer that instantly pulled market sentiment back to the old question of "historical selling pressure": when and how will those old coins locked in the liquidation process return to circulation?

From the on-chain objective information, it can currently only be confirmed that this batch of BTC was transferred to a new address, with no tracking of further movements and no clear evidence showing it has been deposited into exchanges or executed any actual selling behavior. However, in the environment of continuous net outflows from US spot Bitcoin ETFs and a downward price trend from May to early June, any action related to Mt.Gox will be interpreted as a potential supply threat— even if technically it is just "internal migration." Historically, the liquidation and compensation progress of Mt.Gox's assets has always been viewed as a potential source of selling pressure looming above Bitcoin. This time, the on-chain movement worth hundreds of millions of dollars has triggered the same associations, and in the context of multiple negative factors intertwining, the expectation that "maybe tomorrow there will be a massive sell-off" itself is becoming a new stone weighing on bullish sentiment.

Binance delists seven pairs, market sentiment under pressure

Just as the market was digesting the news of ETF net outflows and the Mt.Gox transfer, another shadow was cast at the exchange level. Binance announced that it would delist seven spot trading pairs, including AXL/BTC, CRV/BTC, EGLD/BTC, OPN/BNB, POL/ETH, QTUM/USDC, and SKY/BTC, at 03:00 (UTC) on June 5, 2026. The official statement cited "adjustments based on regular review results" without disclosing more detailed individual reasons. The related tokens can still be traded through other pairs or platforms, but the intuitive trading convenience on this platform will undoubtedly decrease.

If this were a phase of stable or even optimistic market conditions, such an adjustment would often be seen as a routine "cleaning" action by the platform, quickly forgotten by the market. However, when the announcement was made, the Bitcoin price had already fallen below 70000 USDT, and sentiment was weak. Among the pairs being delisted are several BTC-priced trading pairs, which can easily be interpreted as a "cooling signal" directly related to Bitcoin—even if it is essentially just a structural adjustment at the trading pair level. The reduction in the number of BTC denominated pairs on leading platforms is instinctively viewed by many participants as an indirect blow to the activity of related assets and Bitcoin trading. At a time when negative news is intense, this originally neutral adjustment announcement has been amplified by sentiment into yet another pressure, making it more difficult for Bitcoin bulls to hold their ground.

Under pressure, the next steps for Bitcoin bulls and bears

With 11 consecutive days of net outflows for ETFs, approximately $2.4 billion in net redemptions for May, Strategy breaking the myth of "only buying and never selling" with small-scale reductions, Mt.Gox cold wallet movements of 10,423 BTC, and Binance set to delist seven spot trading pairs on June 5—these forces combined around June 2, 2026, make Bitcoin's correction of nearly 2% below 70000 USDT appear more like a passive defense rather than an active offense. The current structure suggests that rather than confirming a reverse trend, it is more accurate to say that long-term bulls and potential sellers are "testing the bottom line" at high levels: Will ETFs continue passive outflows, or will there be a resurgence of strong purchase requests? Will Strategy disclose clearer boundaries regarding its holdings and reductions? After completing this transfer, will the Mt.Gox-related addresses start showing more paths leaning towards suspected exchanges? Will top exchanges initiate a new round of asset and trading pair adjustments? All these factors will determine whether the current high-level volatility devolves into a deeper downward trend or is interpreted as a period of digestion under pressure. Until these key variables exhibit directional changes, Bitcoin bulls and bears will continue to grapple within the high-level range rather than quickly determining a winner.

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